These commentaries were my attempt to communicate my
thoughts to clients at the time they were written. They began when the
stress levels in the financial markets were extremely intense. I recognized
that it would be impossible to have a one-on-one conversation with every
client and I deeply felt the need to do that. Fortunately, the internet made
the communications listed below possible. I believe they served my clients
well during the worst market decline since the 1930’s. Analyses, using rolling ten year periods produced similar results.